INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of future annual mortgage maturities

Future annual mortgage maturities at June 30, 2020 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
6/30/2021	$	—	$	209,541	$		$	—	$		$	209,541
6/30/2022		—		217,796				—				217,796
6/30/2023		—		226,376		—		—				226,376
6/30/2024		—		235,293		—		—				235,293
6/30/2025		—		244,563		—		16,900,000				17,144,563
Thereafter		10,000,000		8,119,429		6,000,000		—		125,000,000		149,119,429
		10,000,000		9,252,998		6,000,000		16,900,000		125,000,000		167,152,998
Less: unamortized deferred financing costs		(72,393)		(53,268)		(91,724)		(66,880)		(511,599)		(795,864)
	$	9,927,607	$	9,199,730	$	5,908,276	$	16,833,120	$	124,488,401	$	166,357,134

At June 30, 2020 the weighted average interest rate on the above mortgages was 3.91%. The effective rate was 3.98% including the amortization expense of deferred financing costs.

2020

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information as of June 30, 2020

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,866,502		$	2,591,904		$	5,513,615		$	86,451		$	5,160,011		$	15,570,896		$	82,374,300		$	118,163,679
Cash & Cash Equivalents		368,053			85,827			243,868			20,661			162,471			553,842			3,049,217			4,483,939
Rent Receivable		343,831			43,854			6,827			—			1,407			56,713			283,270			735,902
Real Estate Tax Escrow		62,383			—			21,487			—			25,341			72,097			—			181,308
Prepaid Expenses & Other Assets		308,350			89,788			99,498			2,341			33,062			175,465			1,857,159			2,565,663
Total Assets	$	7,949,119		$	2,811,373		$	5,885,295		$	109,453		$	5,382,292		$	16,429,013		$	87,563,946		$	126,130,491
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,927,607		$	—		$	9,199,730		$	—		$	5,908,276		$	16,833,120		$	124,488,401		$	166,357,134
Accounts Payable & Accrued Expense		72,016			1,599			89,688			11,438			64,549			157,567			963,724			1,360,581
Advance Rental Pmts & Security Deposits		300,200			—			308,520			—			147,506			440,458			2,682,182			3,878,866
Total Liabilities		10,299,823			1,599			9,597,938			11,438			6,120,331			17,431,145			128,134,307			171,596,581
Partners’ Capital		(2,350,704)			2,809,774			(3,712,643)			98,015			(738,039)			(1,002,132)			(40,570,361)			(45,466,090)
Total Liabilities and Capital	$	7,949,119		$	2,811,373		$	5,885,295		$	109,453		$	5,382,292		$	16,429,013		$	87,563,946		$	126,130,491
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures				$	1,404,887					$	49,008												1,453,895
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,175,352)		$	—		$	(1,856,321)		$	—		$	(369,020)		$	(501,066)		$	(16,228,145)			(20,129,903)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(18,676,009)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			862
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			865
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through August 1, 2020		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of August 1, 2020		—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	820,088	$	65,862	$	847,492	$	41,117	$	581,210	$	1,803,314		8,230,449	$	12,389,532
Laundry and Sundry Income		6,683		—		625		—		626		17,355		45,708		70,997
		826,771		65,862		848,117		41,117		581,836		1,820,669		8,276,157		12,460,529
Expenses
Administrative		11,480		2,200		16,328		11,056		6,650		29,475		92,773		169,962
Depreciation and Amortization		243,569		10,149		169,036		1,632		173,780		524,133		1,838,920		2,961,219
Management Fees		28,052		2,203		32,296		1,645		23,004		67,729		166,246		321,175
Operating		46,299		—		28,764		96		50,654		177,595		529,844		833,252
Renting		3,404		—		9,682		—		5,750		15,493		30,883		65,212
Repairs and Maintenance		67,209		3,046		43,375		—		38,950		233,991		511,248		897,819
Taxes and Insurance		129,401		30,457		79,714		8,680		72,176		232,474		1,138,952		1,691,854
		529,414		48,055		379,195		23,109		370,964		1,280,890		4,308,866		6,940,493
Income Before Other Income		297,357		17,807		468,922		18,008		210,872		539,779		3,967,291		5,520,036
Other Income (Loss)
Interest Expense		(172,091)		—		(186,408)		—		(118,502)		(382,787)		(2,536,786)		(3,396,574)
		(172,091)		—		(186,408)		—		(118,502)		(382,787)		(2,536,786)		(3,396,574)
Net Income (Loss)	$	125,266	$	17,807	$	282,514	$	18,008	$	92,370	$	156,992	$	1,430,505	$	2,123,462
Net Income (Loss)—NERA 50%	$	62,632	$	8,903	$	141,257	$	9,004	$	46,185	$	78,495				346,476
Net Income —NERA 40%													$	572,202		572,202
															$	918,678

Financial information for the three months ended June 30, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	380,708	$	5,391	$	419,342	$	20,558	$	290,517	$	897,613	$	4,023,946	$	6,038,075
Laundry and Sundry Income		3,298		—		171		—		626		8,606		19,966		32,667
		384,006		5,391		419,513		20,558		291,143		906,219		4,043,912		6,070,742
Expenses
Administrative		5,293		1,550		8,572		931		4,168		13,627		45,721		79,862
Depreciation and Amortization		121,927		5,075		84,541		816		86,954		263,086		921,932		1,484,331
Management Fees		10,316		—		15,829		822		11,472		32,745		79,163		150,347
Operating		20,776		—		15,776		51		28,428		83,750		219,463		368,244
Renting		629		—		929		—		2,750		7,773		14,080		26,161
Repairs and Maintenance		40,200		3,046		21,797		—		28,056		99,155		224,236		416,490
Taxes and Insurance		64,724		15,238		39,808		4,492		36,125		109,712		562,731		832,830
		263,865		24,909		187,252		7,112		197,953		609,848		2,067,326		3,358,265
Income Before Other Income		120,141		(19,518)		232,261		13,446		93,190		296,371		1,976,586		2,712,477
Other Income (Loss)
Interest Expense		(71,358)		—		(92,983)		—		(59,242)		(190,404)		(1,268,682)		(1,682,669)
Interest Income		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—				—		—		—		—
		(71,358)		—		(92,983)		—		(59,242)		(190,404)		(1,268,682)		(1,682,669)
Net Income (Loss)	$	48,783	$	(19,518)	$	139,278	$	13,446	$	33,948	$	105,967	$	707,904	$	1,029,808
Net Income (Loss)—NERA 50%	$	24,392	$	(9,758)	$	69,639	$	6,723	$	16,974	$	52,984				160,953
Net Income (Loss)—NERA 40%													$	283,162		283,162
															$	444,115

2019

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information at June 30, 2019

				Hamilton												Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	7,009,806		$	2,594,393		$	5,833,501		$	89,352		$			$	5,479,383		$	16,288,449		$	85,469,775		$	122,764,659
Cash & Cash Equivalents		371,049			141,625			223,371			271,833			19,616			132,837			166,951			2,443,433			3,770,715
Rent Receivable		246,158			21,570			4,240			—			—			480			22,923			99,756			395,127
Real Estate Tax Escrow		74,605			—			20,314			—			—			27,807			96,530			—			219,256
Prepaid Expenses & Other Assets		286,887			107,376			60,279			1,199			5,189			14,264			213,740			1,216,087			1,905,021
Total Assets	$	7,988,505		$	2,864,964		$	6,141,705		$	362,384		$	24,805		$	5,654,771		$	16,788,593		$	89,229,051		$	129,054,778
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,913,818		$	—		$	9,394,671		$	—		$	—		$	5,900,093		$	16,817,068		$	124,423,778		$	166,449,428
Accounts Payable & Accrued Expense		121,192			2,811			82,534			18,162			4,048			56,897			232,031			799,246			1,316,921
Advance Rental Pmts& Security Deposits		311,817			—			322,013			6,305			101			129,339			441,388			3,224,176			4,435,139
Total Liabilities		10,346,827			2,811			9,799,218			24,467			4,149			6,086,329			17,490,487			128,447,200			172,201,488
Partners’ Capital		(2,358,322)			2,862,153			(3,657,513)			337,917			20,656			(431,558)			(701,894)			(39,218,149)			(43,146,710)
Total Liabilities and Capital	$	7,988,505		$	2,864,964		$	6,141,705		$	362,384		$	24,805		$	5,654,771		$	16,788,593		$	89,229,051		$	129,054,778
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,431,077		$	—		$	168,959		$	10,327		$	—		$	—		$	—			1,610,362
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,179,161)		$	—		$	(1,828,757)		$	—		$	—		$	(215,779)		$	(350,947)		$	(15,687,260)			(19,261,903)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	(17,651,541)
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			910
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			913
Units to be retained		49			1			40			1			—			42			148			409			690
Units to be sold		—			—			—			175			48			—			—			—			223
Units sold through August 1, 2019		—			—			—			171			44			—			—			—			215
Unsold units		—			—			—			4			4			—			—			—			8
Unsold units with deposits for future sale as of August 1, 2019		—			—			—			1			2			—			—			—			3

Financial information for the six months ended June 30, 2019

			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	910,111	$	101,241	$	803,093	$	47,061	$	3,629	$	556,069	$	1,688,003	$	8,060,966	$	12,170,173
Laundry and Sundry Income		6,870		—		584		—		—		2,135		20,080		48,720		78,389
		916,981		101,241		803,677		47,061		3,629		558,204		1,708,083		8,109,686		12,248,562
Expenses
Administrative		15,255		9,674		10,043		4,402		4,214		5,750		34,912		95,917		180,167
Depreciation and Amortization		239,432		10,149		172,453		6,391		5,420		177,501		519,106		1,807,214		2,937,666
Management Fees		34,227		4,320		30,443		1,899		145		22,299		65,003		168,653		326,989
Operating		37,045		8		40,524		862		—		51,579		191,817		599,340		921,175
Renting		8,517		—		11,993		—		—		2,574		33,490		54,549		111,123
Repairs and Maintenance		64,670		3,180		42,277		28,399		10,266		82,321		317,086		563,942		1,112,141
Taxes and Insurance		123,306		30,860		75,609		14,445		5,206		64,769		207,339		1,035,769		1,557,303
		522,452		58,191		383,342		56,398		25,251		406,793		1,368,753		4,325,384		7,146,564
Income Before Other Income		394,529		43,050		420,335		(9,337)		(21,622)		151,411		339,330		3,784,302		5,101,998
Other Income (Loss)
Interest Expense		(243,020)		—		(189,082)		—		(6)		(116,605)		(380,539)		(2,537,735)		(3,466,987)
Gain on Sale of Real Estate		—		—		—		306,075		432,908		—		—		—		738,983
		(243,020)		—		(189,082)		306,075		432,902		(116,605)		(380,539)		(2,537,735)		(2,728,004)
Net Income (Loss)	$	151,509	$	43,050	$	231,253	$	296,738	$	411,280	$	34,806	$	(41,209)	$	1,246,567	$	2,373,994
Net Income (Loss)—NERA 50%	$	75,755	$	21,525	$	115,627	$	148,369	$	205,641	$	17,403	$	(20,605)				563,715
Net Income (Loss)—NERA 40%															$	498,630		498,630
																	$	1,062,345

Financial information for the three months ended June 30, 2019

			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	450,538	$	25,951	$	417,850	$	23,466	$	—	$	281,232	$	865,335	$	4,032,707	$	6,097,079
Laundry and Sundry Income		3,865		—		(805)		—		—		228		10,018		24,695		38,001
		454,403		25,951		417,045		23,466		—		281,460		875,353		4,057,402		6,135,080
Expenses
Administrative		9,876		7,582		4,653		2,708		841		2,034		17,065		40,385		85,144
Depreciation and Amortization		119,887		5,075		86,226		3,195		—		88,906		260,668		907,113		1,471,070
Management Fees		17,021		2,160		16,387		934		—		11,232		33,135		82,504		163,373
Operating		15,594		—		17,921		88		37		27,824		84,527		217,696		363,687
Renting		5,187		—		8,473		—		—		542		17,378		34,886		66,466
Repairs and Maintenance		26,786		3,180		23,810		20,359		—		45,649		192,894		307,357		620,035
Taxes and Insurance		61,476		15,183		35,369		7,096		300		32,518		102,907		517,043		771,892
		255,827		33,180		192,839		34,380		1,178		208,705		708,574		2,106,984		3,541,667
Income Before Other Income		198,576		(7,229)		224,206		(10,914)		(1,178)		72,755		166,779		1,950,418		2,593,413
Other Income (Loss)
Interest Expense		(122,015)		—		(94,834)		—		—		(58,613)		(192,271)		(1,267,633)		(1,735,366)
Interest Income		—		—		—		305,320		—		—		—		—		305,320
		(122,015)		—		(94,834)		305,320		—		(58,613)		(192,271)		(1,267,633)		(1,430,046)
Net Income (Loss)	$	76,561	$	(7,229)	$	129,372	$	294,406	$	(1,178)	$	14,142	$	(25,492)	$	682,784	$	1,163,367
Net Income (Loss)—NERA 50%	$	38,281	$	(3,614)	$	64,686	$	147,203	$	(589)	$	7,071	$	(12,746)				240,292
Net Income (Loss)—NERA 40%															$	273,114		273,114
																	$	513,406